"Oil prices are set for yet another weekly gain"

" Oil prices are set for yet another weekly gain \r\n\r\nCrude oil prices were set for another weekly rise earlier today despite a slight dip from Thursday\u2019s close.\r\n\r\n Brent crude , which topped $84 per barrel on Friday, and\u00a0 West Texas Intermediate , which touched $80 per barrel, are both on course for a weekly gain of nearly 4%.\r\n\r\nThis week, the Federal Reserve announced yet another rate hike of 25 basis points, which should have been bearish for oil. Yet Bloomberg noted in a\u00a0 report \u00a0from Thursday that there are expectations the Fed is going to wrap up its rate-hiking program soon, which, in turn, is viewed as bullish for crude.\r\n\r\nThen there is the OPEC+ production cut and specifically Saudi Arabia\u2019s cut of 1 million bpd in production. Initially brushed off by a market too busy worrying about economic indicators, now the cut is drawing traders\u2019 attention as demand for crude remains robust.\r\n\r\n\u201cFrom a fundamental perspective the recent price uptick has been driven primarily by OPEC+'s voluntary production cuts,\u201d UBS analysts wrote in a note cited by Bloomberg. \u201cIn the months ahead oil markets should tighten further.\u201d\r\n\r\nING commodity analysts, on the other hand, pointed out that Saudi Arabia would soon need to decide whether to extend or end the additional cuts.\r\n\r\n\u201cThe recent price strength might give the Saudis the confidence to start unwinding these cuts, but expectations will have to be managed and they will have to be careful how they go about it \u2013 too aggressively and it could put renewed pressure back on the market,\u201d they\u00a0 wrote .\r\n\r\nAnalysts from the National Bank of Australia believe that the Saudis will not start to unwind the cuts until Brent doesn\u2019t reach $90 per barrel.\r\n\r\n\"We continue to see upside to oil prices through 3Q23, and expect pricing sustained above US$90\/bbl (Brent) would likely be required to see a loosening in OPEC or Saudi Arabia\u2019s voluntary crude supply cuts,\" the head of the bank\u2019s commodity and carbon strategy, Baden Moore, said, as quoted by Reuters."

"Oil prices are set for yet another weekly gain"

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